Barnwell Industries, Inc. reports developments across Canadian oil production, oil and natural gas operations, and Hawaii land investment interests. The company produces crude oil, natural gas liquids, and natural gas from interests in the Twining oil field in Alberta, Canada, and its energy updates often address production performance, commodity-price exposure, operating results, and the status of its asset base.
Barnwell news also covers minority partnership interests tied to the Kukio Resort land development in Hawaii, including episodic cash distributions from those real estate investments. Corporate updates include capital-structure actions, material agreements, shareholder-rights and governance matters, financial results, and leadership or advisory roles connected to corporate development.
Barnwell Industries (NYSE American: BRN) reported financial results for Q4 and FY2024 ended September 30. Key highlights include:
Revenue was $4.27M in Q4 with a net loss of $1.88M ($0.19/share), while full-year revenue reached $21.72M with a net loss of $5.57M ($0.56/share). The company remains debt-free with $4.51M in cash and $1.07M in working capital.
Natural gas and natural gas liquids production increased by 6% and 23% respectively, though revenues decreased due to lower prices. Oil production remained flat. Operating costs declined by $585,000 (6%) to $9.85M. A new Twining development well began production in September 2024, averaging 107 barrels per day. The company recorded non-cash impairments of $2.89M for the year due to declining prices.
Barnwell Industries (NYSE American: BRN) reported financial results for Q3 ending June 30, 2024. The company posted revenue of $5.53 million and a net loss of $1.25 million or $0.12 per share, compared to Q3 2023's revenue of $5.68 million and a net loss of $717,000 or $0.07 per share.
Despite no new drilling or acquisitions, production remained steady and operating costs dropped by 26% to $2.23 million. The Twining drilling program commenced in July 2024, with completion expected by early September. The company ended the quarter debt-free with $3.29 million in working capital and $4.39 million in cash.
A non-cash impairment of $599,000 affected the net loss, along with a $61,000 foreign currency loss. The Texas and Oklahoma assets performed well, although Texas faced low gas prices. Strategic options for Water Resources are being considered, including potential sales or liquidation.
Barnwell Industries reported a net loss of $1.772 million ($0.18 per share) on revenue of $5.774 million for its second fiscal quarter ended March 31, 2024. Despite a revenue increase from $5.239 million in the same quarter of 2023, the net loss widened due to a $1.677 million non-cash impairment of oil and natural gas properties. Production of oil, gas, and natural gas liquids rose by 16%, 47%, and 100%, respectively. General and administrative expenses decreased by 33%, saving $669,000. The company received $1.453 million from land sales and real estate transactions. Despite operating losses in its contract drilling segment, Barnwell ended the quarter with $3.332 million in working capital and remains debt-free, focusing on investment in its Twining property.
Summary not available.
Summary not available.
Summary not available.
Summary not available.
Summary not available.
Summary not available.
Barnwell Industries (NYSE American: BRN) reported net earnings of $1,089,000 or $0.11 per share for Q1 2023, slightly up from $1,073,000 or $0.11 per share in Q1 2022. The company's oil and gas segment revenues surged by 33% to $7,511,000, driven by increased production and higher prices for oil and natural gas. Notable increases included net oil production rising 23% and net natural gas production increasing 46%. Capital expenditures in this segment were $5,928,000, up from $2,870,000 the previous year. Additionally, Barnwell maintained a strong cash position with $6,736,000 in cash and equivalents.